Technically Speaking Blog
Darin Newsom DTN Senior Analyst
Sat Feb 21, 2015 09:20 AM CST

Live Cattle: The April contract closed $4.70 lower at $148.525 last week. The secondary (intermediate-term) trend looks to have turned sideways. As discussed last week, April live cattle ran into resistance near $154.05, the 38.2% retracement level of the Wave C sell-off from $166.00 through the low of $146.65. The fact the contract couldn't push to resistance at the 50% level of $156.325 indicates increased pressure from the commercial side of the market, an idea confirmed by the April weakening against the June contract last week. Noncommercial traders continue to add to their short-futures position, with Friday's CFTC Commitments report ...

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